Sharp Company manufactures a product for which the following standards have been setstandard Quantity orHours3feet? hoursDirect materialsDirect laborDuring March, the company purchased direct materials at a cost of $49,170, all of which were used in the production of 2,750 units ofproduct. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was $36,000.The following variances have been computed for the month:Materials quantity varianceLabor spending varianceLabor efficiency variancestandard Price or Rate Standard Cost$5 per foot$ 15? per hour?Required:1. For direct materials:a. Compute the actual cost per foot of materials for March.b. Compute the price variance and the spending variance.2. For direct labor:a. Compute the standard direct labor rate per hour.b. Compute the standard hours allowed for the month's production.c. Compute the standard hours allowed per unit of product.Req 1A$ 3,450 U$ 3,000 U$ 750 UComplete this question by entering your answers in the tabs below.Reg 1BReq 2For direct materials, compute the actual cost per foot of materials for March. (Round your answer to 2 decimal places.)Actual costper footReq 1AReq 1B

Name: Sharp Company manufactures a product for which the following standard
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
Description: Sharp Company manufactures a product for which the following standards have been setstandard Quantity orHours3feet? hoursDirect materialsDirect laborDuring March, the company purchased direct materials at a cost of $49,170, all of which were used in

Material spending variance is the sum of Material price variance and Material quantity variance.…

Business

Accounting

Sharp Company manufactures a product for which the following standards have been set Standard Quantity or Hours 3 feet ? hours Direct materials Direct labor standard Price or Rate Standard Cost $5 per foot ? per hour Materials quantity variance Labor spending variance Labor efficiency variance During March, the company purchased direct materials at a cost of $49,170, all of which were used in the production of 2.750 product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was S The following variances have been computed for the month: $ 15 ? $ 3,450 U $ 3,000 U $ 750 U

Sharp Company manufactures a product for which the following standards have been set Standard Quantity or Hours 3 feet ? hours Direct materials Direct labor standard Price or Rate Standard Cost $5 per foot ? per hour Materials quantity variance Labor spending variance Labor efficiency variance During March, the company purchased direct materials at a cost of $49,170, all of which were used in the production of 2.750 product. In addition, 4,500 direct labor-hours were worked on the product during the month. The cost of this labor time was S The following variances have been computed for the month: $ 15 ? $ 3,450 U $ 3,000 U $ 750 U

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The Company designs and manufactures bathtubs for home and commercial applications. The Company recorded the following data for its commercial bathtub production line during the month of March: Standard DL hours per tub 5 Standard overhead rate per DL hour $6.00 Standard overhead cost per unit $30.00 Actual overhead costs $21,375 Actual DL hours 2850 Actual overhead cost per machine hour $7.50 Actual tubs produced 1500 What is the variable manufacturing overhead efficiency variance in March? $27,900 favorable $4275 unfavorable $27,900 unfavorable $4275 favorable
Chulak Company uses a standard costing system. The following data are available for the month: Actual quantity of direct materials purchased 25,000 pounds Standard price of direct materials $2 per pound Material price variance $2,500 unfavorable The actual price per pound of direct materials purchased during the month is
Chhom Corporation makes a product whose direct labor standards are 0.9 hours per unit and $21 per hour. In November the company produced 7,000 units using 5,800 direct labor-hours. The actual direct labor cost was $121,800. The labor efficiency variance for November is: $11,500. F $10,500. F $10,500. U $11,500. U
The Fellowes Company has developed standards for direct labor. During June, 75 units were scheduled and 100 were produced. Data related to direct labor are: Standard hours allowed 4 hours per unit Standard wages allowed $ 5.00 per hour Actual direct labor 410 hours (total cost $2,009) What is the direct labor rate variance for June?
The Russell Company provides the following standard cost data per unit of product: Direct material (3 gallons @ $3 per gallon) $9.00 Direct labor (2 hours @ $12 per hour) 24.00 During the period, the company produced and sold 22.000 units incurring the following costs: Direct materials Direct labor The direct labor usage variance was 68,000 gallons @ $2.90 per gallon 44,500 hours @ $12.05 per hour
Sunland Company manufactures patio umbrellas. The direct labor standard for each umbrella is 1.25 direct labor hours at a standard rate of $12 per hour. During June, Sunland used 37900 direct labor hours to produce 31900 umbrellas. Sunland's direct labor payroll totaled $430300. What is Sunland's direct labor rate variance for November?
Jean Corporation uses a standard cost system and has the following standard costs for direct materials and direct labor. Direct materials: 2.5 meters @ P14 per meter DIrect Labor: 1.6 hours @ P8 per hour P35.00 P12.80 During the month of February, 15,000 units were produced. The costs related to the production of the product were as follows: 50,000 meters of materials were purchased at a cost of P13.80 per meter. 40,000 meters of materials were used. 25,000 direct labor hours were used at a cost of P8.60 per hour. Prepare the journal entries to record the purchased of materials, used of materials and labor incurrence.
Please help me. Thankyou.
Sharp Company manufactures a product for which the following standards have been set: Standard Standard Quantity Standard Price or or Hours Rate Cost $15 3 feet hours $5 per foot ? per hour ? ? Direct materials Direct labor During March, the company purchased direct materials at a cost of $54,630, all of which were used in the production of 2,875 units of product. In addition, 4,700 direct labor-hours were worked on the product during the month. The cost of this labor time was $47,000. The following variances have been computed for the month: Materials quantity variance Labor spending variance Labor efficiency variance Required: 1. For direct materials: a. Compute the actual cost per foot of materials for March. b. Compute the price variance and the spending variance. 2. For direct labor: a. Compute the standard direct labor rate per hour. b. Compute the standard hours allowed for the month's production. c. Compute the standard hours allowed per unit of product. $ 2,400 U $ 3,300 U $…
Mountain Madness, a manufacturer of the hiking boots uses standard costing for the single product the company makes and sells. The following data are for the month of April: o Actual cost of direct material purchased and used: $87,807.50 o Material price variance: $5,665 favorable o Total materials variance: $220 favorable o Standard cost per pound of material: $8.25 per lb. o Standard cost per direct labor hour: $7.50 per hour o Actual direct labor hours: 5,500 hours o Labor efficiency variance: $1,650 unfavorable o Standard number of direct labor hour per unit of product: 2.40 hours/unit o Total labor variance: $5,775 unfavorable Determine the standard quantity of material allowed in producing one unit of product. Important: Present your number without units and round to two decimal places. For example if the answer is 11.25 lbs. per unit, simply record 11.25. Answer:
XYZ Company's standard materials cost per unit of output is $12 (3 pounds x $4). During July, the company purchases and uses 5,800 pounds of materials costing $22,910 in making 2,000 units of finished product. Compute the Total, Price, and Quantity Materials Variances.
Betty’s Bakery has the following standard cost sheet for one unit of its most popular cake: SQ SP Direct materials 1.2 pounds $1.50 per pound Direct labor 0.8 hours $12.00 per hour During the month of May, the company made 620 cakes and incurred the following actual costs: Direct materials purchased and used (920 pounds), $1,196 Direct labor (680 hours), $7,820 Calculate the direct materials price variance. Calculate the direct materials quantity variance. Calculate the direct materials spending variance. Calculate the direct labor rate variance. Calculate the direct labor efficiency variance. Calculate the direct labor spending variance.